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News Now

Washington
Inside Washington (06/22/2010)
* WASHINGTON (6/23/10)--Federal regulators are working to remedy flaws in the executive compensation practices of large banking companies, said American Banker (June 22). In a review of the top 25 financial firms, the Federal Reserve Board spotted multiple deficiencies in the pay practices. The Fed did not detail which banks had problems, but it said it sent notices to the firms last month with information about areas that needed attention. Financial observers said the notices may indicate firms have not updated their pay practices. However, Fed officials noted Monday that they expect some improvements soon. Many large banking organizations already have made some changes in their incentive compensation policies, said Fed Gov. Daniel Tarullo, though he said more work needs to be done. The Fed issued proposed guidance in October on proper executive pay practices and said it would review the practices at the largest firms to see how they had done ... * WASHINGTON (6/23/10)--The Treasury Department has hired 12 small firms to help Morgan Stanley assist the government’s sale of Citigroup Inc.’s common stock. Morgan Stanley is acting as a sales agent for Treasury (American Banker June 22). Treasury is working to unload $7.7 billion shares of Citi common shares ... * WASHINGTON (6/23/10)--The Senate confirmed Marie C. Johns, a longtime advocate for small businesses, on Tuesday as Deputy Administrator of the U.S. Small Business Administration (SBA). Johns will be the second-ranking official at SBA, with responsibility for management, policy development and program supervision. Johns is a managing member of L&L Consulting LLC, an organizational effectiveness and public policy consulting practice ...


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